The city plans to market the property aggressively, hoping a new business will land there or a local company will expand operations at the location.

"What we see here is opportunity," said Louisville Mayor Greg Fischer.

That's how Fischer describes the 30-acre property near the intersection of 30th Street and Muhammad Ali Boulevard.

National Tobacco formerly occupied the site, and when it closed, some 150 jobs went with it.

The land, purchased for $1.2 million, is part of city's effort to revive west Louisville. Of those funds, $750,000 came from a settlement with the state over a right-of-way dispute, the rest from the budget.

The property is in the Metro Council district represented by Cheri Bryant-Hamilton.

"Making this shovel-ready should be a great incentive for an employer and jobs for this community," said Bryant-Hamilton.

The hope is that once a business or businesses locate there, it will spur other growth in the neighborhood.

Craig Richard, the head of Greater Louisville Inc., believes it gives the city a jump on the competition.

"We have learned time and time again, they can't wait for land to be assembled, they can't wait for zoning and permitting," said Richard. "As the saying goes, time is money. It's definitely time in economic development."

Larry McFall, who oversees Riverport, has been given the job of marketing the property.